GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release the results of 10 new drill holes from the El Favor East zone, extending the newly area’s mineralized zone by over 450 metres. Drill hole LRGF-21-076 intersected 0.8m of 3,034 g/t silver equivalent (“AgEq”). Drill hole LRGF-21-075 intersected 24.2m of 139 g/t AgEq, including 2.0m of 1,106 g/t AgEq. See Table 1 for breakdown of silver and gold values.
“The El Favor East zone is truly developing into a significant discovery in Los Ricos North,” said Brad Langille, President and CEO. “We are currently drilling 900 metres to the east of the original discovery hole 48, and we are seeing what appears to be strong mineralization. These results and other pending results may impact on the upcoming initial resource for Los Ricos North.”
Table 1: Drill Hole Intersections
|Hole ID||Area / Vein||From||To||Length1||Au||Ag||AuEq2||AgEq2|
|LRGF-21-073||El Favor East||59.7||61.1||1.3||0.42||139.0||2.28||170.8|
|LRGF-21-074||El Favor East||39.0||42.0||3.0||0.51||86.3||1.66||124.7|
|LRGF-21-075||El Favor East||128.5||136.2||7.7||0.46||147.0||2.42||181.8|
|El Favor East||175.4||199.5||24.2||0.45||105.4||1.85||139.0|
|LRGF-21-076||El Favor East||119.5||125.6||6.1||1.32||328.4||5.70||427.5|
|LRGF-21-077||El Favor East||129.0||132.1||3.1||0.22||67.2||1.12||83.7|
|LRGF-21-078||El Favor East||119.1||120.0||1.0||0.31||197.5||2.94||220.5|
|LRGF-21-079||El Favor East||24.9||26.4||1.5||0.69||147.5||2.66||199.5|
|LRGF-21-080||El Favor East||49.5||51.7||2.2||0.46||154.1||2.51||188.4|
|LRGF-21-081||El Favor East||82.4||83.2||0.8||0.25||118.5||1.83||137.2|
|LRGF-21-082||El Favor East||132.0||133.5||1.5||0.56||156.9||2.65||198.7|
|1. Not true width|
|2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%|
|3. Excludes 1.5m of historically mined void|
The exploration team has been moving east of El Favor with drilling in 25m stepouts in the eastern end of El Favor, beginning with discovery hole 48, and continuing to intersect wide strong mineralization. This area is known as the El Favor East zone, and a mapping program has extended the presence of mineralization 900m to the east of hole 48 (El Favor East zone discovery hole), as shown in Figure 2. To date, approximately 600m of El Favor East has been drilled showing the strong mineralization.
Three of the four major veins (Salomon, Guitarrillas and Los Chivos) appear to converge into a 100m wide zone at the western end of the El Favor deposit in the vicinity of the Hundido Pit at an elevation of 1300m. The wallrock in between the veins is strongly silicified, altered and mineralized. The merging of these veins continue to provide significant widths of good grade which could be potentially amenable to bulk mining.
The El Orito deposit (as presently defined) is located about 800 metres along strike to the west of the Hundido Pit (see Figure 3). Wide zones of precious and base metal mineralization were cut by drill holes at El Orito at elevations between 600 to 800m.
Table 2: Drill Hole Locations
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Los Ricos District Exploration Projects
The Company’s two exploration projects at its Los Ricos property are in Jalisco state, Mexico. The Los Ricos South Project began in March 2019 and an initial resource was announced on July 29, 2020 which indicated a Measured & Indicated Mineral Resource of 63.7 million ounces AgEq grading 199 g/t AgEq contained in 10.0 million tonnes, and an Inferred Resource of 19.9 million ounces AgEq grading 190 g/t AgEq contained in 3.3 million tonnes. An initial PEA on the project was announced on January 20, 2021 indicating an NPV5% of US$295M.
The Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor, La Trini, Casados and El Orito targets. During 2020, GoGold’s exploration team identified over 100 targets on the Los Ricos North properties, demonstrating the significant exploration potential. The Company plans to drill 10 of these targets as part of its 2021 drilling program which is planned to exceed 100,000 metres of drilling and will be one of the largest in Mexico.
Procedure, Quality Assurance / Quality Control and Data Verification
The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full core is sawn with a diamond blade core saw with one half of the core being bagged and tagged for assay. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags are transported to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 50-gram charge by fire assay (Code 1A2-50) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality assurance and quality control procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed GoGold’s QA/QC protocols.
Mr. David Duncan, P. Geo. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.
About GoGold Resources
GoGold Resources is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.
Figure 1: El Favor Drill Hole Locations (CNW Group/GoGold Resources Inc.)
Figure 2: El Favor East (CNW Group/GoGold Resources Inc.)
Figure 3: Favor-Orito Long Section (CNW Group/GoGold Resources Inc.)
Figure 4: Plan View – La Trini to El Favor Area of Los Ricos North (CNW Group/GoGold Resources Inc.)
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We acknowledge the [financial] support of the Government of Canada.